- Household debt rose by 0.9% in Q1 to $17.05 trillion
- Q1 mortgage originations were lowest since 2014
- Mortgage foreclosures were low in Q1
- Covid-era mortgage refinancing boom will provide 'significant support' for consumers
- End of low-rate period creates a roadblock for selling homes
The world is figuring out that the real superpower of the US is the 30-year fixed mortgage. That's going to provide a dividend to US spending for a long, long time.
"The improved cash flow from the recent refinance boom will potentially provide significant support for future consumption".
